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First Call January 15, 2020
- S&P futures slightly lower after US equities finished mixed on Tuesday, off best levels.
- Europe and Asia mostly lower across all markets
- Bank earnings are mixed with some profit-taking after the recent move up
- Look for 11:30am EST signing of US-China phase one trade deal and more Q4 earnings.
- Both trade (de-escalation of tensions) and earnings (expectations for a 2020 rebound) remain key pieces of the bullish narrative. Question still being asked is if tariffs in place now will be lifted soon?
- Treasuries stronger across the curve. Dollar weaker vs yen and euro. Gold up 0.5%. WTI crude up 0.2%.